Mutual Fund Arrangements

Like many securities firms, RBC CM receives payments from fund companies. RBC CM uses this money for general marketing and Financial Advisor educational programs, to offset compliance and product management costs, and to support client education programs and seminars. In return for the payments, fund companies are given access to our branch offices for the purpose of educating our Financial Advisors and informing them about available products. Our Financial Advisors do not receive any extra commission for selling funds from these companies. Each Financial Advisor individually evaluates the funds and then works with you to choose the appropriate investment for your financial needs. RBC WM has a conflict of interest associated with utilizing these third party providers that make payments to RBC.

The fund companies generally make these payments, which may be based on assets and/or sales volume, to RBC CM via the fund’s distributor, investment advisor, or other entity from the management fees they earn. More information on payments may be found in a fund’s prospectus or Statement of Additional Information (SAI). Financial Advisors may receive a portion of these payments for distribution and servicing expenses related to shares of money market funds included as sweep options to cash accounts. The payment formula is consistent for Financial Advisors on all of these funds.

This information is updated annually. Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. Prospectuses containing this and other information about the fund are available by contacting your Financial Advisor. Please read the prospectus carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance.

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